If you manage one of 5,500+ Magento Enterprise stores, you know what it means to take Ecommerce to the next level. While you may be firing on all cylinders, it’s no secret that every Magento store gets a flat tire once in a while. It’s all part of the journey to exponential growth. Whether your revenue is stagnating between $5M and $10M, or you’ve hit a plateau somewhere between $100M and $1B, we’ve seen all the ‘growing pains’ rapidly scaling companies face. So what can you do?
As an online merchant, your future success rests on a key decision: To outsource additional resources and expand your team’s abilities, or to integrate new technology to get things trending upward again. However, there are many factors to consider here, and Ecommerce is never a one-size-fits-all scenario. To help you make the right decision, here are our top 5 recommendations for increasing revenue with Magento.
1. Staff Augmentation
Striking a revenue plateau is a sign you may have outgrown your team. Between fulfillment, account management, marketing, and more, it’s easy to hit capacity on your team’s bandwidth. Enter, an agency partner: your new Ecommerce support arm. Doubling your capabilities with dedicated resources can deliver the bandwidth and platform know-how to start driving stable growth.
Even if you’re opting to integrate technology, the best way to capitalize on your investment is to hire a trained expert to teach your team to use it. We’ve sent developers and engineers around the world to train on-site, though some prefer weekly or daily video-chat sessions. Either way, there’s no shame in asking for help, and Magento support is one sure-fire way to boost your bottom line.
If you needed to fly your company to a new destination, you’d book tickets on a reputable airline or hire a seasoned pilot. It would be much more costly (and risky) to send your team to flight school. In the same way, it takes more than the average programmer to keep your site secure and reduce the costs of fraud…
2. Magento Security
Just as a lighthouse helps ships stay safe, the right security software can help your site steer clear of danger.
In the connected world of commerce, cyber security is a must for any business, from burgeoning B2C brands to long-established B2Bs. With hackers and fraudsters becoming more sophisticated each and every day, online retailers are losing millions. It’s estimated that online payment fraud losses will total $61 billion annually by 2023. But what can Magento merchants do?
With the proper security solutions in place, merchants can cash in big rather than letting revenue walk out the door. We’ve found that “fraud prevention systems” for many SMBs consist of a single person who approves or rejects every order on a site — manually… If this sounds like your first line of defense against fraud, it’s more than likely you’re rejecting real orders, approving fraudulent orders, and losing revenue in all directions.
On top of these challenges, you’re facing the constant threat of hackers stealing customer and employee information. Once they have it, they’ll use the data to fuel further fraud, causing enough revenue leaks to sink a cruise ship.
Luckily, top security and fraud prevention technologies are here to help you face these threats. From falsified “Item not Received” claims to hijacked shipping accounts and even counterfeit paper receipts, Magento partners like Signifyd and Sucuri help monitor customer activity and prevent cyber-crime. With the right tools, you can keep your revenue pipeline from leaking. Shop around for some solutions, plug your revenue leaks, and return to smooth sailing.
3. Mobile Optimization
Even leading B2Bs earn 40% of revenue from mobile devices. Guiding this trend are millennials, who now make up more than one-third of all U.S. workers. Combine this with the ease and popularity of shopping on sites like Amazon, and it’s no wonder so many B2B buyers prefer mobile-optimized buying experiences. Over the past two years, we conduced a series of experiments to help merchants maximize revenue from shoppers on different devices. We hypothesized that each device required different tweaks for different kinds of customers.
With more than 200 merchants in the testing program to date, it’s clear that customers of all kinds want better mobile experiences. However, the test results show what works for one site may not work for another…
Take for example one test, where U.S. Mattress experienced an 8.27% increase in revenue per visitor (RPV) and a 10% conversion rate lift by using a simplified cart header in their mobile checkout. These simple tweaks drove a $95,000 revenue increase for U.S. Mattress, with only 3 months of testing. Other merchants who implemented similar changes saw little change, however.
In the end, every site is different, and every customer is different. You can increase RPV by up to 25% by implementing simple changes (view case study), but you need to run a few tests to find out what works. It’s up to you to start testing, because not doing so only results in lost revenue.
4. Business Intelligence
Powerful business intelligence tools make finding actionable data easy.
According to the 2018 BI Survey, “58% of enterprise companies say their organizations base at least half of their regular business decisions on gut feelings or experience, rather than data.” If there’s one thing we’ve learned from years conducing mobile optimization tests, it’s that gut feelings and “intuition” are usually wrong. Instead, every merchant needs a way to track, test, and manage their customer data in order to guarantee revenue growth.
Magento Business Intelligence is a powerful tool that helps merchants create a one-stop shop for actionable insights on customer data. The platform is covered under a Magento 2 license agreement, but takes a bit of Magento development know-how to set up. If you’re already using Magento and not taking advantage of Magento BI, you’re holding yourself back from success. In a few hours, a good Magento 2 developer can set up your Magento BI Dashboards and get you on your way to discovering new trends in your business.
For instance, Magento BI helped one merchant notice that customers referred by their blog delivered strong, consistent long-term spending. The merchant found out that engines and other channels referred customers who spend a decreasing amount over time. Find out what your customers are telling you with the tool you already have! By year 3, top Ecommerce companies generate nearly 60% of revenue from repeat purchases. How are you using your data to ensure success?
5. Magento 2 Accelerators
For many merchants, setting up a new store or migrating an old store can be a daunting, time consuming endeavor. However, as a Magento specialized agency, we were able to put our heads together to help B2B and B2C merchants cut time and costs significantly.
The engineers and developers at Redstage combined a series of DevOps tools we developed in-house to help B2B companies get up and running on Magento 2 in just 40-60 days. The full toolset is known as B.A.S.E., the B2B Accelerator Suite for Ecommerce. With B.A.S.E., manufacturers and distributors can transform their online businesses by increasing ease-of-use for customers and internal teams across the board.
The M2 accelerator is loaded with useful features developed specifically to enhance B2B operations, from sales to logistics. From one-click reordering and advanced order approvals to highly customizable pricing configurations and more, Magento 2 accelerators drive massive value for both customers and businesses by creating a single source of truth for all your customer and product data.
If you’re planning to bring your ecommerce ambitions online or migrate from an older platform, accelerators are the best and fastest way to get it done. Work smarter, not harder.
From strengthening your team to preventing fraud, mastering your data, and even migrating, today’s B2B and B2C Ecommerce companies have a few revenue-boosting tools to take advantage of. The question to ask before embarking on any of these transformation paths is: What’s the right fit for my business?
Is it worth more to invest in keeping the revenue my Ecommerce business already generates through Magento security and fraud prevention? Or is it more valuable to expand testing to increase new business? Is it in your best interest to upgrade to a new platform? These are the questions only you can answer, but when you’re ready, we’re here to help!